Money Exchange

[Dave Docwra]

Can anyone advise me if it is legal to transfer money from a SA bank account to a South African resident living in SA, in exchange for funds to be paid from & into a UK bank account.

Dave..

 

[Gary Stockton]

No not legal - contravenes the SA Exchange Control Act - but happens all the time Dave used to be a great way to get cash out the country for folks.

Of course if you obey the 11th Commandment - thou shall not get caught - you'll be ok. And how is anyone to know, really?


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[Leopard]

Dave, I SA based employees and I pay them using Moneycorp. I believe they offer personal services as well as commercial. We only pay about £9 per transaction and that includes exchanging Sterling into Rand and then transferring the Rand into their SA accounts. Works out MUCH cheaper than the bank and is totally legit.
I monitor the FX rates and do my conversion when its best.

 

[Dave Docwra]

Thanks for the information Guys.

Dave.